"The IMF expects that Canada will continue to lead the major advanced economies in average economic growth over the next two years, thanks to Canada's Economic Action Plan," said Canadian Minister of Finance Jim Flaherty. "Our plan to eliminate the deficit by 2015-16 would put our debt-to-GDP level on a downward track from levels that are already low. This will maintain Canada's standing as having the strongest fiscal position in the G7."

The IMF said Canada's financial system is equipped to transition to new international banking standards. The country is also creating a national securities regulator, which "will both bridge potential gaps in the supervision and regulation of what are essentially national markets, and create a venue for bringing securities regulation into the ambit of national coordinating initiatives for promoting financial stability."